Cost to Set up CPO

What's the cost to set up a CPO? Someone said in one of the old threads that it costs around $7,500 to have an attorney set one up. Is this accurate?

Assume that my investors initially are only very close family members. They won't require an annual audit or legal docs prepared by brand name firms. What's the cost for a basic setup?

Another question: after you set up the CPO, how do you actually accept investor money from investors? Do you first set up a bank account under the name of the CPO, and then have investors wire money into that bank account, then transfer the funds to the brokerage account? Or do investors wire funds directly to the broker?